This is from Om Malik’s blog:

Camera sales are continuing to falling off a cliff. The latest data from the Camera & Imaging Products Association (CIPA) shows them in a swoon befitting a Bollywood roadside Romeo. All four big camera brands — Sony, Fuji, Canon, and Nikon — are reposting rapid declines. And it is not just the point and shoot cameras whose sales are collapsing. We also see sales of higher-end DSLR cameras stall. And — wait for it — even mirrorless cameras, which were supposed to be a panacea for all that ails the camera business, are heading south.

Of course, by aggressively introducing newer and newer cameras with marginal improvements, companies like Fuji and Sony are finding that they might have created a headache. There is now a substantial aftermarket for casual photographers looking to save money on the companies’ generation-old products. Even those who can afford to buy the big 60-100 megapixel cameras are pausing. After all, doing so also involves buying a beefier computer. (Hello Mac Pro, cheese grater edition!)

I have seen this movie play out before — but in a different market…

Astute and, I think, accurate. Worth reading in full. The cultural implications of the shift of photography to smartphones are still not understood — though Om has been doing his best. See, for example, his 2016 New Yorker essay “In the future we will photograph everything and look at nothing”.